The British Independent Retailers Association (BIRA) says that the UK High Street is facing “unprecedented challenges” following the release of new data on retail occupancy.
The report from PwC and the Local Data Company identified a net decrease of around 5,000 retail premises during 2023. Despite 9,138 new openings last year – primarily hospitality sites such as coffee shops and fast food restaurants – the closure of major chains such as Wilko, Lloyds Pharmacy, and Paperchase contributed to a net decrease in retail presence across the UK, says the report.
PwC’s analysis highlights the impact of one-off restructurings and failures at major retailers, further exacerbating the closure rate, while out-of-town retail parks have shown resilience, buoyed by the emergence of new food outlets.
BIRA chief executive Andrew Goodacre commented: “This is further evidence of how difficult it is for retailers on the high streets in the UK.
“Our own recent survey also showed more than 50% of indies were concerned about 2024. We don’t believe that store closures are a result of a long-term trend of people moving online because, since Covid restrictions were lifted in 2021, online sales have fallen. We believe store closures have occurred due to the cost-of-living crisis reducing consumer spending and the ever-increasing costs of running a shop, with many indies saying enough is enough.”
